% Interest expenses 6 23 25 9.1% 288.6% Tax 51 55 83 52.6% 62.7% Net profit2 194 175 202 15.4% 4.1% Adjusted net profit3 207 192 228 19.0% 10.3% Gross profit margin 58.9% 58.2% 60.4% EBITDA margin 40.4% 41.4

and spectrum investment. SG&A expenses declined 14% YoY to Bt18,739mn following softer handset subsidies. Following that, EBITDA improved 14% YoY to Bt52,043mn and the EBITDA margin rose to 44.7

Revenues 1,570,917,679 2,461,057,268 (890,139,589) (36.17) Cost of Goods Sold and Services 1,534,434,537 2,399,582,723 (865,148,186) (36.05) Sales & Administration Expenses and Financial Cost and Tax Expense

.  Other costs of service were Bt2,352mn decreasing 2. 1% YoY mainly due to lower prepaid commission. QoQ, other costs of service dropped 17% from lower IC cost. SG&A expenses were Bt6,786mn increasing 7. 1

2019 2Q 2019 QoQ (%) YoY (%) Operating revenue 264 689 690 0.1% 161.5% Cost of sales 103 457 429 -6.2% 317.1% Gross profit 161 232 261 12.6% 62.2% Selling, general & administrative expenses 98 152 185

% 1,561 0% 1,066 0% - 0% Other payables 70,075 1% 58,849 1% 56,323 1% 73,440 1% Accrued expenses 240,720 5% 453,716 7% 462,397 6% 414,739 6% Other current liabilities 64,696 1% 62,525 1% 68,381 1% 62,442 1

due to higher network depreciation. SG&A stood at Bt19,327mn, rising 3.1% YoY mainly from higher staff cost and the one-time admin expense in 3Q18, offset by lower marketing expenses. As a result

0.30 -623% Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV (2) Extra items were expenses from raw materials derogation amounting to THB 2,004 million net of tax

only 18 days). However, income tax expenses in Q1/2020 increased as a result of the increase in deferred income tax expenses following the implementation of Thai Financial Reporting Standard regarding

) 1,230.51 274.45 Gross Profit (Loss) 163.14 (24.34) 187.48 770.25 Sales & Administration Expenses and Financial Cost and Tax Expense (32.44) (20.02) 12.42 62.04 Net Profit (Loss) 132.25 (43.62) 175.87 403.19